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PNSC’s operaionalisation issues affect contract with PSO

ISLAMABAD: Operationalisation issues of the Pakistan National Shipping Corporation (PNSC) are negatively affecting the positive yields of the contract of afrieghtment (COA) with the Pakistan State Oil. The PNSC and PSO entered into a memorandum of understanding (MoU) in August 2012 and thereafter, signed a Contract of Afreightment (COA) after two months, i.e in October, followed by an Addendum in ... Read More »

FBR officials in Malaysia to attend seminar on double taxation treaties

ISLAMABAD: A two-member delegation of the Federal Board of Revenue (FBR) has arrived in Kuala Lumpur, Malaysia to attend a two-week long seminar on double taxation treaties. The treaties are conventions between two countries that aim at eliminating the double taxation of income or gains arising in one territory and paid to residents of another territory. They work by dividing ... Read More »

FBR Member Admin Jatoi for establishing effective Intelligence setup in Karachi

Agenda for meeting was to set up intelligence and investigation office in Karachi along with induction of officials to curb tax evasion   ISLAMABAD: Federal Board of Revenue Member Admin Shahid Hussain Jatoi has held a meeting with officials to discuss tax evasion in Karachi. The agenda for the meeting was to establish infrastructure of Intelligence and Investigation Department in ... Read More »

Sales Tax (Amendment) Ordinance promulgated to avoid SC order

ISLAMABAD: On the recommendations of the Finance Ministry, the government promulgated Sales Tax (Amendment) Ordinance 2014 in March this year to avoid implementation of the Supreme Court order. The said amendment ordinance amended sub-section (2) of section 3 B of the Sales Tax Act 1990. An official source at Finance Ministry told this scribe here the other day that as ... Read More »

Islamabad collectorate showing exemplary performance in current fiscal year

ISLAMABAD: The Model Customs Collectorate Islamabad is showing exemplary performance in the current fiscal year. The collectorate has collected total revenue Rs 1065.83 million under the heads of duties and taxes in October 2014 which is Rs 448.96 more than October’s target of Rs 616.87 and it is 87 percent more than the last year’s revenue. The collectorate has gathered ... Read More »

Ahsan Iqbal gives presentation about ministry’s performance

ISLAMABAD: Federal Minister for Planning, Development and Reforms Ahsan Iqbal has delivered a presentation to the federal cabinet pertaining to the ministry’s performance during the last 17 months and its future agenda. The minister highlighted that when the present government assumed the office, Planning and Development Division lacked autonomy and independent role and was a part of the Ministry of ... Read More »

FBR to recruit 600 Grade 1-16 officials of Customs, Inland Revenue

ISLAMABAD: The Federal Board of Revenue (FBR) has decided to recruit as many as 600 Grade-1 to 16 officials to overcome a shortage of manpower. The recruitment aims at improving enforcement system. Ads will be published in the newspapers in this regard. The FBR is facing a shortage of manpower which is affecting its enforcement system. The former government had ... Read More »

FBR decides to establish Integrity & Performance Management Unit

ISLAMABAD: The Federal Board of Revenue (FBR) has decided to establish Integrity & Performance Management Unit (IPMU) at HR Wing at Islamabad Headquarters. FBR through an office order stated Board-in-Council in its meeting held on 30-4-2014 (minutes circulated vide FBR/Revenue Division C.No. 6(96) S (BIC)/2013-14 dated 10-5-2014), has decided to establish Integrity & Performance Management Unit (IPMU) at HR Wing ... Read More »

FBR in pursuit of Rs2810b achieves Rs750b in Oct up from Rs661b, records 17% growth

ISLAMABAD: Federal Board of Revenue (FBR), in pursuit of Rs2810 billion target, has collected Rs750 billion during July-October this year against Rs661 billion in corresponding period of 2013-14. Sources said that during July to October 2014, FBR collected Rs265 billion as direct taxes, Rs355 billion as sales tax, Rs47 billion as federal excise duty and Rs86 billion customs duty. During ... Read More »

Investigation body yet to collect facts against Agility Logistics

ISLAMABAD: Investigation committee formed by the FBR could not collect facts against Agility Logistic Private Limited after a lapse of one year. It seems that a “hidden hand” does not want so, therefore, the committee failed to collect the facts in the case. The inquiry committee was established on 19 October 2013 in a meeting of the Federal Board of ... Read More »

Islamabad Collectorate seizes 1,200 kg opium in October

ISLAMABAD: The Model Customs Collectorate (MCC) of Islamabad seized 1,200 kg opium worth Rs 5.4 million in different raids during October. Moreover, MCC Islamabad has recovered 12 vehicles, two non-duty paid cars, spare parts and other goods of millions of rupees in different raids during last month. The MCC seized clothes worth Rs 3.67, electronics goods worth Rs 1.3 million,  ... Read More »

TCS, Smart Zone case: Customs intelligence traces 6047 non-customs electronics

ISLAMABAD: While probing into TCS and Smart Zone case, the Customs Intelligence and Investigation Rawalpindi Directorate has prepared a contravention report after tracing the non-customs paid 6,047 electronics delivered to various shops before a raid on TCS warehouses. TCS has also confirmed the report. The report has slapped Rs 50.87 million taxes and duties on these items. According to sources, ... Read More »

Interior Ministry approached for removal of PSO officials names from ECL: FIA

ISLAMABAD: The Federal Investigation Agency (FIA) has placed names of the managing director (MD) and deputy managing director (DMD) of Pakistan State Oil (PSO) on the exit control list (ECL) without any evidence. Additional director of FIA informed the Senate Standing Committee on Petroleum and Natural Resources that the agency has approached the interior ministry to remove the names of ... Read More »

FBR restores performance allowances of 85 PCS, IRS officers of BS 17-20

ISLAMABAD: Federal Board of Revenue (FBR), on completion of Declaration of Assets, has restored the Performance Allowance (equivalent to 100 per cent of basic pay) of the BS 17-20 officers of Pakistan Customs Service (PCS) and Inland Revenue Service (IRS). FBR has also issued notices in light of Para 7 of Guidelines for Performance Allowance 2012 vide Circular No 1, ... Read More »

ANF seizes 200kg narcotics worth Rs1.11b in 14 raids

ISLAMABAD: The Anti-Narcotics Force (ANF), in its drive against drug trafficking, has conducted 14 operations in different cities including Islamabad, Rawalpindi, Attock, Lahore, Faisalabad, Peshawar, Karachi and Lasbela and recovered a huge quantity of drugs worth Rs1.11 billion. The ANF seized 161kg heroin, 34kg charas, 2.7kg opium and arrested 16 alleged drug traffickers including two women, besides apprehending three vehicles. ... Read More »

30 Customs officers nominated for 19th Mid Career Management Course

KARACHI: The Federal Board of Revenue (FBR) on Thursday nominated 30 PCS of BS-18 for 19th Mid Career Management Course (MCMC). The nominated Customs officers of BS-18 include: Muhammad Masood Sabir, Second Secretary, Federal Board of Revenue (Hq), Islamabad Azood-ul-Mehdi, Second Secretary, Federal Board of Revenue (Hq), Islamabad Rehmatullah Vistro, Deputy Collector, Model Customs Collectorate of Appraisement (East), Karachi Muhammad ... Read More »

Islamabad Customs collects 73pc more revenue than target

ISLAMABAD: Model Customs Collectorate (MCC) of Islamabad has surpassed the set target for October by collecting Rs 1.06 billion in the form of duties and taxes. As per details, MCC Islamabad set Rs 616.87 million target for October, while it collected Rs 1.06 billion, 73 percent more than the target. The MCC managed to collect 87 percent revenue more than ... Read More »

FBR files appeal against IHC’s order to promote 40 officials

ISLAMABAD: The Islamabad High Court has ordered the Finance Ministry, Federal Board of Revenue (FBR) and Establishment Division to upgrade 40 superintendents and principal appraisers of the FBR Model Customs Collectorate Islamabad from Grade-16 to 17. The FBR has registered inter-court appeal against the order. The FBR has taken a stance that the order will affect its managerial structure. The ... Read More »

Finance Ministry denies taking ADB’s dictation

ISLAMABAD: Finance Ministry has categorically ruled out receiving any directions from the Asian Development Bank (ADB) on controlling power and gas theft, saying, nothing officially in this regards has been conveyed to the government. “However, the government has an understanding with ADB to reduce distribution and transmission losses substantially under the sustainable energy sector reform program” a well placed official ... Read More »

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